High Net Worth Divorce Lawyer Chicago

Some of the factors that make high-net-worth divorce cases unique are:

More Assets to Divide 

Couples who have accumulated wealth may have more assets to divide. These may be complex assets that are difficult to place a value on, such as intellectual property or stock options. They can also involve non-marital assets that have increased significantly in value since the marriage.

The distribution of assets in these types of divorce cases can be more complicated. For example, if a spouse has an interest in a family business, a professional practice, or other business holding, business valuators may be necessary. However, even business evaluation experts can disagree. For example, one expert might value the business based on the business assets and liabilities, while another says that goodwill must be accounted for. 

Additionally, the spouses and their divorce lawyers must consider future matters, such as deferred compensation, bonuses, and commissions earned during the marriage. They must also consider each spouse’s future income.

All of these factors affect what a fair compromise in the divorce looks like. The spouses will need to fairly divide assets or offset some property with other assets. If they cannot agree on how to fairly divide their marital property, they must proceed with divorce litigation. 

Possibility of Hidden Assets 

In many high net worth divorce cases, one spouse may have accumulated significant assets, put those assets in their own name or the name of other people or businesses, and never shared this information with their spouse. 

Our divorce attorneys can work with forensic accountants, search public records, and conduct extensive discovery to uncover these hidden assets. We can then argue for your spouse to be punished by having such hidden assets awarded to you. 

Existence of Prenuptial or Postnuptial Agreements

Prenuptial agreements may apply in these cases when one spouse had significantly more assets than the other at the time of the marriage, or the couple could have entered into a postnuptial agreement during the marriage. A divorce lawyer can review your pre- or postnuptial agreement to determine its terms and advise you on how to comply with them or whether there are grounds to challenge it. 

Lack of Standard Formulas to Use

Illinois courts use standard formulas to determine spousal maintenance and child support payments. However, these standard formulas might not apply in high-net-worth divorce cases. For example, the standard formula to determine spousal support is to take 33.3% of the payer’s monthly net income and subtract 25% of the receiver’s monthly net income to arrive at the amount of spousal support to be paid each month. That amount cannot exceed 40% of the combined net income of the spouses. 

However, that formula only applies to spouses with a combined gross income of $500,000 or less. Likewise, the standard formulas for child support may not adequately address the needs and lifestyles of children involved in high-net-worth divorce cases. Courts may determine these payments based on income and other equitable factors. An experienced attorney can explain the law and how it applies to your case.